The cost of a personal injury case can vary from a few thousand dollars to tens of thousands of dollars. Generally, the more serious the injuries, the higher the economic damages, such as medical bills, lost wages, ongoing care, and property damage. The main purpose of filing a personal injury claim is to pursue a financial settlement that covers all economic and non-economic losses (damages). Economic damages are quantifiable financial losses incurred by a plaintiff (injured party) as a direct result of an injury or harm caused by a defendant, while non-economic damages are non-tangible losses such as pain and suffering and loss of enjoyment of life.
In order to negotiate a full and fair settlement, it is vital to calculate all economic damages associated with the case. In some cases, personal injury lawyers may hire an economist to calculate an accurate total, particularly in cases involving life-changing injuries. The question is when to hire an economist in a personal injury case.
Why Do Personal Injury Lawyers Hire Economists?
Calculating economic loss is one of the most essential things you must do in preparing a personal injury case. Personal injury lawyers bring deep expertise in identifying and arguing the full range of damages their clients have suffered, while economists provide essential financial analysis to help quantify those damages and clearly demonstrate the economic impact of an accident in support of the claim. By consulting with an economist about your injury case early in the process, your personal injury attorney can help ensure you receive fair compensation for your injuries. Specifically, economists:
- Quantify economic damages to identify recoverable losses. Economists specialize in calculating the financial losses resulting from injuries, including lost wages, reduced earning capacity, and future medical expenses. They analyze financial records and can handle complex calculations related to inflation, discounting future losses to present value, and other financial factors that impact recoverable losses.
- Strengthen the case. Economists strengthen personal injury cases by providing proof of economic damages suffered by the plaintiff. Their expertise can be crucial in negotiating fair settlements with insurance companies or other parties.
- Assist in the discovery process. Your attorney may recommend consulting with an economist during the discovery phase of your case. To get a full picture of your financial losses, they will analyze your earnings, tax records, income sources, and more.
- Provide expert testimony. Should the case proceed to trial, economists can provide expert testimony in court by explaining the methodologies used to calculate damages and helping juries understand the financial impact of the injury.
When to Hire an Economist in a Personal Injury Case?
In personal injury cases involving catastrophic injuries, hiring an economist may be crucial for assessing economic damages accurately. But that doesn’t mean that every case requires the help of an economist. While there is no one-size-fits-all strategy for deciding if you should hire an economist to help calculate economic losses after an accident, a good rule of thumb is to look at the severity of injuries.
An experienced personal injury attorney will determine whether an economist is required to help strengthen your case.
Seek the Help of a Personal Injury Lawyer
If you or a loved one was injured because of the negligence of another, contact a personal injury lawyer to discuss your legal rights. Let an experienced accident attorney fight for the full compensation that you deserve. It is not uncommon to receive a settlement from the insurance company that is five to ten times larger with the help of a lawyer. Call the personal injury lawyers at Tario & Associates, P.S. in Bellingham, WA today for a FREE consultation! Since 1979, our personal injury law firm, Tario & Associates, P.S., has been dedicated to fighting for the rights of people injured throughout Washington State, with local offices in Bellingham and Mount Vernon to serve residents of Whatcom, Skagit, Island, and Snohomish counties. You will pay nothing up front and no attorney fees at all unless we recover damages for you!
